Crypto total market capitalization surged to a new all-time high of $3.92 trillion last week as the House of Representatives passed three key crypto bills in what was dubbed as ‘Crypto Week’.
Altcoins were the main beneficiary, adding $200 billion in market capitalization and seeing their dominance versus bitcoin increase by 6%, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro. .
Ethereum spot ETFs saw record inflows with $2.18 billion last week, Wednesday being the biggest day seeing $726.6 million of inflows alone, indicating institutional interest in the number two cryptoasset is heightening.
Could this be the start of alt-season? A sharp fall in bitcoin dominance would suggest potentially so.
In addition, with the passing of the bills from the House, crypto investors may now have some renewed confidence in altcoins, particularly those with ties to the US, and start to look for opportunities in the crypto space outside of bitcoin and further along the risk curve.
BIGGEST MOVERS
Tezos $XTZ was one of the biggest movers last week, rallying 80% to $1.20, the highest price since January, due to whales aggressively buying.
Separately, memecoins, given their more speculative nature, saw double digit gains last week. $FLOKI being the biggest mover in the category, up 43%.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
House passes three crypto bills
In what was dubbed as ‘Crypto Week’ the House of Representatives passed three key crypto bills last week, a major step forward in achieving regulatory clarity for cryptoassets in the US.
After lengthy discussions the Digital Asset Market Clarity (CLARITY) Act, Anti‑CBDC Surveillance State Act and GENIUS Act were passed by the House.
The former two will now head to the Senate for approval, whilst GENIUS, as it has already passed the Senate, will now head to President Trump’s desk to be signed into law.
The CLARITY Act lays out definitions to distinguish between which cryptoassets fall under securities and which fall under commodities, and in turn which regulator, either the SEC or CFTC, is responsible.
The Anti-CBDC Surveillance State Act prevents the Federal Reserve from developing or issuing a Central Bank Digital Currency.
GENIUS establishes the first federal regulatory framework for payment stablecoins – tokens whose values are pegged to fiat currencies such as the US dollar.
As well as the overall capitalization of stablecoins significantly growing in the years to come as financial institutions and major retailers form their own stablecoins, the prices of the native cryptoassets of the blockchains on which these stablecoins are issued could also benefit, as typically the price of the native cryptoasset correlates to increased network activity.
Trump preparing executive order to allow 401K plans to invest in cryptoassets
As reported by FT.com, President Trump is preparing to sign an executive order that would allow 401K plans to include cryptoassets, as well as gold and private equity marking a major shift in how Americans can invest their retirement savings.
The executive order would instruct regulatory agencies to assess and remove the existing barriers which currently prevent investment in these alternative assets.
The US retirement market stands at around $9 trillion. Even a small percentage flowing into the crypto space could drive significant adoption and price increases of included cryptoassets.
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